Economy

Amid heightened concerns about inflation, respondents to the CNBC Fed Survey believe the Federal Reserve will announce a decision to taper Wednesday and begin hiking interest rates considerably sooner than previously forecast. Respondents to the survey overwhelmingly forecast that the Fed will announce a decision to reduce its monthly asset purchases in the statement Wednesday

President Joe Biden delivers remarks on his Build Back Better agenda from the East Room of the White House after meeting with members of the House Democratic Caucus at the U.S. Capitol earlier in the day on Thursday, Oct. 28, 2021 in Washington, DC. Kent Nishimura | Los Angeles Times | Getty Images The latest

Treasury Secretary Janet Yellen said she has discussed with President Joe Biden how he should proceed on naming a Federal Reserve chairman and praised the current holder of the position. Though she did not disclose any specific plans Biden has, Yellen said she gave solid marks to Chairman Jerome Powell. “I talked to him about

Treasury Secretary Janet Yellen asserted Friday that the administration’s infrastructure spending proposal will lower inflation by reducing costs vital to households. Speaking to CNBC from Rome where she is attending the G-20 conference of global leaders, Yellen renewed her push for White House spending plans that are unpopular with several factions of Congress and have

A cargo ship moves under the Bayonne Bridge as it heads into port on October 13, 2021 in Bayonne, New Jersey. Spencer Platt | Getty Images WASHINGTON – President Joe Biden is expected to spotlight disruptions in the global supply chain and surging energy prices when he meets this weekend with fellow leaders of the

Customers shop for produce at a supermarket on June 10, 2021 in Chicago, Illinois. Inflation rose 5% in the 12-month period ending in May, the biggest jump since August 2008. Food prices rose 2.2 percent for the same period. Scott Olson | Getty Images Annual inflation rose at its fastest pace in more than 30

Bill Ackman, founder and CEO of Pershing Square Capital Management. Adam Jeffery | CNBC Billionaire hedge fund manager Bill Ackman called Friday for the Federal Reserve to begin reining in the support it has provided for the U.S. economy during the coronavirus pandemic. In separate tweets, the head of Pershing Square Holdings, with $13.1 billion

Containers are stacked on the deck of cargo ship Seamax New Haven as it is under way in New York Harbor in New York City, U.S. October 13, 2021. Brendan McDermid | Reuters The U.S. economic recovery slowed sharply in the previous three months, as products remained stranded at normally bustling ports, employers struggled to

Twitter and Square CEO Jack Dorsey recently issued a dire economic prediction, complete with a frightening phrase: hyperinflation. “Hyperinflation is going to change everything. It’s happening,” Dorsey tweeted on Oct. 22. Later, in response to a follower’s follow-up question, Dorsey added that “[hyperinflation] will happen in the U.S. soon, and so the world.” Such an

The U.S. economy grew at a 2% rate in the third quarter, its slowest gain of the pandemic-era recovery, as supply chain issues and a marked deceleration in consumer spending stunted the expansion, the Commerce Department reported Thursday. Gross domestic product, a sum of all the goods and services produced, grew at a 2.0% annualized

A pending sale sign in front of a home in Miami. Getty Images Pending home sales, which are a measure of signed contracts to buy existing homes, fell an unexpected 2.3% in September compared with August, according to the National Association of Realtors. Analysts were predicting a slight monthly gain. Sales were 8% lower compared

Catherine Wood, chief executive officer of ARK Investment Management LLC, speaks during the Milken Institute Global Conference in Beverly Hills, California, on Monday, Oct. 18, 2021. Kyle Grillot | Bloomberg | Getty Images Innovation investor Cathie Wood on Monday rebutted Twitter and Square founder Jack Dorsey’s theory on hyperinflation. The founder and CEO of Ark

Real estate agents arrive at a brokers tour showing a house for sale in San Rafael, California. Getty Images Mortgage rates have been on a tear this month, rising yet again last week to the highest level in eight months, according to the Mortgage Bankers Association. That caused mixed demand for mortgages last week, resulting

Economist David Rosenberg suggests hyperinflation warnings are irrational. The longtime bear, known for his contrarian views, blames rising prices on Covid-19-induced supply side shocks. According to Rosenberg, it’s wrong to assume the impact will cripple the economy and feed into runaway inflation. “I’m actually rolling my eyes over the suggestion,” the president of Rosenberg Research

A sign is posted in front of new homes for sale at Hamilton Cottages on September 24, 2020 in Novato, California. Justin Sullivan | Getty Images There are signs that price growth could be cooling off in the otherwise red-hot housing market. Prices rose 19.8% year over year in August, which was the same as

A sign is posted in front of a home for sale on September 28, 2021 in San Anselmo, California. Justin Sullivan | Getty Images Climbing mortgage interest rates caused another drop in mortgage demand for both refinances and home purchases. Total application volume fell 6.3% last week compared with the previous week, according to the

Weekly jobless claims hit another pandemic-era low last week as the elimination of enhanced benefits sent fewer people to the unemployment line. First-time filings for unemployment insurance totaled 290,000 for the week ended Oct. 16, down 6,000 from the previous period, the Labor Department reported Thursday. This was the second week in a row that

Billionaire bond investor Jeffrey Gundlach said Friday that inflation in consumer prices likely will remain elevated through 2021 and stay above 4% through at least 2022. Citing pressures from shelter costs and rising wages, the head of DoubleLine Capital told CNBC that he sees the current inflation run as non-transitory and instead likely to persist